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Day: July 2, 2016

Identifying The Four Major Types Of Loans

Although it may be a given for many people these days, it is still important to know something about loans when you are thinking about applying for one. In fact, most people already have one type of loan or another. There are many different kinds of loans offered by banks, credit unions, private lenders, and other financial institutions. Each loan may be subject to the specific requirements of the institution offering it and many loans are actually tailored to the particular applicant. All of this aside, there are four major types of loans that are used by consumers. Each type has a different object or focus attached.

The first major type of loan is the personal loan. These are the loans that you would obtain from a bank or credit union as an individual. At the same time, there is some overlap between personal and small business since the purposes of each may often coincide. For example, you may need a personal loan to fund a new small business opportunity. A personal loan may simply be a loan that you receive in order to pay for a necessary expenditure like replacing a major appliance, paying bills, or getting a vehicle. Personal loans are also used to consolidate debt.

A second type of loan is the home or mortgage loan. This is the category of loans relating to new home purchasing, but may also deal with using your existing home mortgage as a form of collateral to get a loan for other purposes. Like other types of loans, these loans have specific requirements and qualifications organized by the lender, which must be met by loan applicant. Home loans are long-term expenses. You need to keep this in mind and plan accordingly and take other expenses that will be included so you have a clear idea of your payments. Now a mortgage loan may also include those who already have homes but want to take a loan out on the mortgage or house, using this as collateral to secure the desired amount. There are specific requirements involved in these situations as well and there is risk involved since you are putting up your home as collateral.

The third major type of loan is the automotive loan. This is a narrower category since it deals exclusively with the purchase of vehicles. Everyone needs a car or some other means of transportation in today’s world. More importantly, they need something that is reliable and will get them where they need to go. Cars-even used cars-are expensive and most of us do not have the money to go and buy one outright. Therefore, auto loans are required to purchase a vehicle. Automobile dealerships typically provide financing options for auto loans via participating lenders. Again, there will be requirements that you must meet like credit rating or income level to qualify for the loan. Different lenders have different policies regarding auto loans so you will have to investigate them individually to find out if you are …

Personal Injury Calculator – Top 5 Questions For Calculating Your Car Accident Claims

Using a personal injury calculator can help you figure out how much your car accident claims are worth. Here are the top 5 questions people ask about calculating the value of their auto insurance settlement.

1. How Does the Personal Injury Calculator Determine my Car Accident Claim?

The most basic formula that is known to be used for car accident injury claims is:

Pain Multiplier X Medical Expenses + Loss of Income

The “pain multiplier” is a number typically between 1.5 and 5. This multiplier number is chosen based on the severity of your car accident injuries; the more serious your injuries, the larger the multiplier.

For example, a minor injury like a sprained neck is more likely to get a low multiplier (1.5-3). While a more serious and painful injury, like a broken leg, would get a higher multiplier (3-5). The multiplier range may even go to higher figures (10) for more severe and long term injuries.

The next thing that is included in the claims formula is your medical expenses, also known as “special damages.” These expenses include the cost of your medical treatments, visits to the hospital, ambulance ride, X-Rays, pain medication etc.

The final thing that is added in your insurance settlement is your loss of income. This refers to the amount of income you lost as a result of your injuries. For example, if your injuries forced you to stay home from work, then your lost income would equal your daily pay rate times the number of work days you missed.

2. When Should You Use a Personal Injury Calculator?

The best time to use the injury calculator is at the end of your medical treatment. You should always have your injuries thoroughly diagnosed and examined before filing an injury claim. This gives you a more accurate estimate of your total medical expenses that should be included in your final settlement.

3. Who Should NOT Use the Personal Injury Calculator?

Most personal injury claims involve minor injuries that do not require you to immediately hire an expensive lawyer. For these types of claims, you should use the injury calculator to get a rough estimate of what your auto accident settlement might be worth.

However, there are insurance claims which cannot be handled without the help of a skilled injury lawyer. These types of car accident claims involve more serious and long term injuries like permanent disabilities, lost or severed limbs, traumatic head injuries etc. If you were severely injured, your best option is to meet with a lawyer who is familiar with claims related to your specific injuries.

4. How Accurate is the Personal Injury Calculator?

The injury calculator does not give you the exact final settlement, but an initial estimate of how much your injuries are worth to the insurance companies.

Many people would argue that the injury calculator is too simplistic. That it does not address the complexities and subtleties of an individual’s personal injury claim. Others are quick to bring up Colossus, …

Credit Repair Business Plan

Here's the executive summary of a Credit Repair Business Plan:

  • A description of your company, including your products and / or services
  • Your mission statement
  • Your business's management
  • The market and your customer
  • Marketing and sales
  • Your competition
  • Your business's operations
  • Financial projections and plans

For someone looking for a credit repair business plan, a simple description may be "Ace Credit restoration provides credit restoration services to help consumers attain good credit and therefore have more attractive financing options. Charging $ 800 to $ 2000 per client and reaches new clients via relationships by credit-dependent professionals (real estate, car dealers, etc.), financial professionals (tax, insurance, financal planners), consumer direct marketing (internet, radio, tv, postcards ), And past-client referral cultivation.

Any business plan should then talk about management, which indicates to your experience. If you have experience managing a team, attention to detail, and / or financial experience, this is relevant and should be included.

When writing about your client, the consumer, you'll find there are about 70 to 80 million americans with bad credit, many millions of whatever will need to finance a home or car or other purchase and will there be interested in purchasing credit repair services . While some people do attempt credit repair on their own, credit is becoming increasingly complex and important. Fewer people succeed or event attempt it, and like dealing with plumbing or auto repairs, most are willing to pay a professional to get it done right.

Next, you should include a specific marketing breakdown. We have found that at first, referral relationships are a great place to start. By offering "credit repair seminars" or "lunch and learn" events to local real estate agents or car dealers, you can quickly position yourself as an expert, develop referral sources, and help them sell more homes or cars. As your business grows, you'll want to branch out into mass media, internet marketing to increase your visibility and scale up your operations.

The next section generally will cover competition, which of course varies by market. Currently, the credit repair business is still open and large driven on referrals at time of need, meaning people often get their credit restored when preparing to buy a home or car, or after being declined for some type of financing (ie a credit card at Better terms than they have previously). Longer term, the internet is a massive source of business that still has fundamental opportunity. One still large untapped area requiring someone to execute their credit repair business plan is in the area of ​​social marketing (ie Facebook) and joint ventures with point-of-need media ie a referral relationship with leading real estate websites, car dealer websites, etc . Who depend on attractive financing.

Next, your plan should cover operations. You can run a credit repair home based business, or you can use office space. One under-used idea is renting a desk inside a busy real estate office. This can provide more than just a professional meeting place, but the …

Is a Business Incubator Right for Your Business?

What is the Purpose of a Business Incubator?

Business incubators are organizations that nurture the development and growth of businesses in the early phases to help them persevere in their most vulnerable stages. Incubators provide numerous resources and support services to aid in the development of businesses. The general purpose of incubators is job creation, business retention, enhancing entrepreneurial climate, growing local industries and economies. Approximately 93{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of North American incubators are nonprofits focused on economic development. About 7{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} are typically set up to receive returns from shareholders investments. (Business Incubation FAQs)

What to Expect

It is important to conduct research on the incubator(s) and consider the advantages and disadvantages before embarking upon the application process and working with an incubator.

  • Conduct Ample Research: It is important to understand that incubators will have their own set of unique offerings for their entrepreneurs. The package offered should help meet the needs and goals of the company. The location of the incubator should allow for a flourishing business, with a market that can sustain the business for the duration of the term of stay. The mentors and specialists available should also have experiences and networks beneficial to your business.
  • Related costs: Some incubators will charge monthly fees, like a typical leasing agreement. However, other incubators may accept in exchange for equity. It is beneficial to consult with an attorney to review the terms and contract.
  • Speak to alumni: If the incubator has a list of previous tenants, speak to them about their personal experiences. This first hand testimony will give you further insight and help you determine if the incubator is right for your business.
  • Prepare your proposal: If you decide to apply, be sure to prepare and rehearse your pitch and distinguish yourself from other businesses and business owners. Incubators want businesses that are sustainable. In your proposal, be sure to discuss how your business will succeed with accompanying financial projections.

What are the main business models?

As mentioned previously, each incubator will have a unique set of offerings. The list of business models below should give you an idea of what to expect as you conduct your research.

  • Rent Model: Rent is charged to businesses which can help incubators be self-sustainable. In some cases initial rents are subsidized. The subsidy rate usually declines over time to gradually introduce commercial discipline to the business.
  • Equity Model: Incubators take marginal stakes in the business, usually in exchange for low rent periods.
  • Royalty Model: Royalty payments are made based upon the amount of revenue earned by the business.
  • Deferred Debt Model: The services offered to the business, as well as the overhead is charged at a decided upon future date as an incubation fee. The incubator could decide the repayments (partial payments or lump sum) are due when the business leaves the incubator or when the business reaches an agreed upon financial target.

What are the main advantages and disadvantages?

Advantages

  • Low cost workspace allowing for reduced overhead
  • Offered resources such as mentorship,